iPhone Upgrade Program = Hard Check Every Year

Discussion in 'iPhone' started by Cuniac, Sep 28, 2015.

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Is the iPhone Worth a Hard Credit Check a Year

  1. Yes it is

    8 vote(s)
    21.6%
  2. This is not a bad thing (Post Why)

    4 vote(s)
    10.8%
  3. This is a deal braker

    24 vote(s)
    64.9%
  4. I was declined anyway so I dont care

    1 vote(s)
    2.7%
  1. Cuniac macrumors 6502a

    Joined:
    Jan 23, 2013
    Location:
    Phoenix
    #1
    I just spoke with Citizen One and they told me they need to do a Hard Check every time you renew the program. They also said you have 30 days from the time you set up the IUP to get a 2nd phone, after that its another hard check.

    Getting a hard check on your credit every year is really bad. Is a hard check on your credit per year really worth the price of a phone?!?
     
  2. Cryates macrumors 6502a

    Joined:
    Nov 19, 2013
    Location:
    Chattanooga, TN
    #2
    Don't you really get a hard check on pretty much everything that is financed? It's not that big of a deal, unless you like driving yourself into a ton of debt.
     
  3. Cuniac thread starter macrumors 6502a

    Joined:
    Jan 23, 2013
    Location:
    Phoenix
    #3
    Kinda, But 1 hard check a year when it stays on your account for up to 3 years is ruff. It can really put a dent in your score.
     
  4. shareef777 macrumors 68000

    shareef777

    Joined:
    Jul 26, 2005
    Location:
    Chicago, IL
    #4
    I tend not to think about the checks on my credit history (still check my credit report to make sure the hit was something that I legitimately applied for). I currently have 6 hard checks on my report, three from one place (home loan). The credit checks are the only item on my credit report that's rated as 'poor', but I still have a score of over 800 and haven't had an issue getting approved for anything and always qualify for the best rates.
     
  5. aesc80 macrumors 6502

    aesc80

    Joined:
    Mar 24, 2015
    #5
    Hard checks can damage your credit if you're doing that every year. It's not so much damaging as, say, missing a payment or being late or defaulting, but it can still bring your score down a good notch for repeated credit requests. You're almost better served taking out a credit card with 0 APR for the first year, find a way to pay it off in the first year, then use that phone as "equity" to reduce the payment for the next phone on a different 0% introductory offer. I'm more surprised Apple just doesn't do what most furniture stores do - sync with a specific credit card company (like Synchrony) and offer a 2 year, 0% APR special incentive on any Apple iPhone purchase at full price. One credit check and a revolving credit card would be the only price to stay in the cycle.
     
  6. Cuniac thread starter macrumors 6502a

    Joined:
    Jan 23, 2013
    Location:
    Phoenix
    #6
    I agree totally. now I can either stay in this plan and chip away at my credit each year or buy out my phone next year and to a carrier plan. Either way this is exactly what I didn't want to end up doing. I'm so disappointed.
     
  7. orijinal macrumors 6502

    orijinal

    Joined:
    Jun 6, 2005
    #7
    Can you clarify what you mean by this, maybe with an example as well? Thank you.
     
  8. melman101 macrumors 68030

    Joined:
    Sep 3, 2009
    #8
    There is plenty of time for policies to be revised, etc.
     
  9. aesc80 macrumors 6502

    aesc80

    Joined:
    Mar 24, 2015
    #9
    I believe OP meant if you're looking to finance a second phone within your line of credit, you can do so without a hit against your credit again only if you do it within 30 days of your loan being accepted.
     
  10. jpgr15 macrumors 6502a

    Joined:
    Apr 28, 2015
    #10
    Let's hope so. If this hard check can get figured out, this really is a great program for someone who likes to upgrade yearly without the hassle of selling.
     
  11. leesweet macrumors demi-god

    leesweet

    Joined:
    Feb 1, 2009
    Location:
    Northern Virginia, USA
    #11
    I'm surprised they said that and it may change over the next year if enough people complain to Apple. It was supposed to be that once you had a relationship with Citizens they would then only need to do a soft pull on a 'renewal'. So this is all confusing.
     
  12. pudcraft macrumors regular

    Joined:
    Sep 23, 2013
    #12
    I'm not a fan of applying for loan after loan after loan. Like the above poster, it should be one hard check then soft pulls, but I guess as the loan expires they need to ping you again for any changes before issuing a loan again. Should have just made it a credit line.

    I do like Verizon is now offering yearly upgrades to new iPhones if you got a 6s or 6s+. Cheaper per month and no need to hit my credit over and over. SquareTrade will suit this option well.
     
  13. JAT macrumors 603

    Joined:
    Dec 31, 2001
    Location:
    Mpls, MN
    #13
    Two other options:

    T-Mobile does not do a new hard check for subsequent phones with their 2-year financing.

    PayPal Credit gives 6 months no interest on any purchase greater than $99, and is available via Apple, and may not even do a hard check the first time you use it.
     
  14. DoofenshmirtzEI macrumors 6502a

    DoofenshmirtzEI

    Joined:
    Mar 1, 2011
    #14
    Hard checks are bad when 1) they're recent, and 2) there are a lot of them. That signals to the credit reporting company that you are in a bind and desperate to get credit. An isolated hard check will cost you a few points for a couple of months. Even one a year isn't a big deal, but if you have other needs for credit where you're getting hard checks you might want to evaluate.
     
  15. lordofthereef macrumors G4

    lordofthereef

    Joined:
    Nov 29, 2011
    Location:
    Boston, MA
    #15
    I've always believed that credit is there to use it. I think too many people dwell on their scores. Sure, if you're planning on buying a house soon, maybe be extra careful. But why
    /thread
     
  16. Applejuiced macrumors Westmere

    Applejuiced

    Joined:
    Apr 16, 2008
    Location:
    At the iPhone hacks section.
    #16
    Then don't do it.
    If your payment history is good then this wont matter much.
     
  17. dedufour41 macrumors regular

    dedufour41

    Joined:
    Mar 24, 2015
    Location:
    New York
    #17
    I received this info Saturday in a chat. The rep and their manager contacted Citizens One and I asked them twice to be sure. There will only be one "hard pull" with the first phone, not further upgrades.

    @@
     

    Attached Files:

  18. Orien macrumors regular

    Orien

    Joined:
    Mar 4, 2010
    Location:
    San Francisco
    #18
    You're going to get different answers depending on the rep you ask. None of those front-line reps have any idea.
     
  19. mobutt macrumors 6502

    Joined:
    Jun 22, 2010
    #19
    Why would there be consistent hard checks every year when you've already established a relationship. Makes no sense. I've returned my phone twice and had to go through the application both times but it didn't show up as a hard inquiry either time.
     
  20. dedufour41 macrumors regular

    dedufour41

    Joined:
    Mar 24, 2015
    Location:
    New York
    #20
    Well that was the reason I delved further that day. Had received false information prior to release date about the "hard inquiry" subject specifically and read about the conflicting experiences of release day customers so I contacted support.

    I explained the widespread concern and situation and the rep contacted their manager. After further investigation they told me to hold and wait while they contacted Citizens. Now either they're so diabolically messed up that they kept me on hold for 10-15 minutes to "sell the BS" or they might have been telling the truth.

    Admittedly, I believe that that is definitely possible. LOL

    @@
     
  21. Orien macrumors regular

    Orien

    Joined:
    Mar 4, 2010
    Location:
    San Francisco
    #21
    I honestly don't even think most "managers" know.
     
  22. dedufour41 macrumors regular

    dedufour41

    Joined:
    Mar 24, 2015
    Location:
    New York
    #22
    I'm going under the premise that it's just a one time Hard Pull, because doing it every year makes no sense!

    Besides, if they do indeed yank me down twice I'll gladly cry foul to Apple and that pic is exhibit A.

    @@
     
  23. Rayy42 macrumors 6502

    Rayy42

    Joined:
    Oct 7, 2014
    #23
    I agree one HP then once Citizen's gets an accurate picture of your payment history then it should be SP's after.
     
  24. Cuniac thread starter macrumors 6502a

    Joined:
    Jan 23, 2013
    Location:
    Phoenix
    #24
    I really do hope that either the rep I spoke with was wrong or that this will change if it's true. I just can't imagine why they would do it like that.
     

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